Posted on 26 Apr 2021
The Vietnamese hot rolled coil import market was quiet last week with thin trading, Kallanish understands. Import offers are limited in the Vietnamese market after gaining $90/tonne since early April.
A Chinese trader heard on 21 April of a minimum 10,000-tonne June-shipment cargo of SAE 1006 HRC from a Tier II Chinese mill booked at $929/t cfr Vietnam. But others say there are few Chinese HRC offers in Vietnam. “Most mills are selling to other markets,” another says. He says the Turkish market, for example, was paying $10/t higher than the Chinese fob price.
A Vietnamese trader says deals for 2mm and up thickness SAE 1006 HRC from Tier II Chinese mills took place during the week ending 16 April at $920-930/t cfr Vietnam. But he did not hear of deals taking place thereafter. Local users are still tied up in purchase negotiations with domestic producers, he says. Formosa Ha Tinh and Hoa Phat released fresh offers for June shipment at $910/t cfr Ho Chi Minh City and $901/t cfr respectively.
Certain traders report that Indian SAE 1006 2mm and up thickness HRC is now offered at $955-960/t cfr Vietnam. Material from a certain Indian mill was offered at around $10/t lower. A cargo from that same Indian mill closed at $930/t cfr during the 16 April week.
After a Tier 1 Chinese mill sold a small-tonnage P&O HRC cargo at $1,020/t cfr Haiphong, a Chinese trader heard the mill has claimed it can sell its 100% 2mm thickness SAE 1006 HRC at $990/t cfr. However, Vietnamese trading sources say the bidding price is lower, at $960/t cfr, and the mill plans to re-enter the market this week to negotiate fresh deals.
A South Korean mill is currently offering 2mm base SAE 1006 HRC at $920/t fob. Freight is estimated at $35/t to Vietnam. It has rejected bids at $940-945/t cfr Vietnam recently, Vietnamese traders note.
Kallanish maintained the import price for SAE 2-2.7mm thickness HRC on 23 April at $930-935/t cfr Ho Chi Minh City.
Source:Kallanish
